Goldman Sachs Top Execs to Get Bonuses in Restricted Stocks

Manila Bulletin, December 11, 2009 | Go to article overview

Goldman Sachs Top Execs to Get Bonuses in Restricted Stocks


NEW YORK, Dec. 11 (Reuters) – Goldman Sachs Group Inc. plans to pay top managers their 2009 bonuses in restricted stock, rather than cash, as it seeks to deflect outrage over a near-record pay haul months after it repaid billions of dollars in taxpayer aid.The decision to pay top managers in stock that cannot be sold for five years puts Goldman at the forefront of the push to align Wall Street pay with long-term performance. Still, the firm's compensation is on pace to top $20 billion this year.That figure has put Goldman in the crosshairs of an international debate on pay.''I think Wall Street is well aware of the broad direction they need to move,'' said Douglas Elliott, a former JPMorgan investment banker now with the Brookings Institution. ''The devil's in the details.''Goldman's plan, announced Thursday, applies to its 30-person management committee, an elite group that includes Chief Executive Lloyd Blankfein as well as some of the firm's most senior risk-takers and managers, including the heads of sales and trading operations.Those managers will receive all of their discretionary compensation in ''shares at risk'' -- stock that must be held for five years. They will also face a clawback provision that allows the company to recoup pay from an employee later found to have engaged in improper risk-taking. …

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Goldman Sachs Top Execs to Get Bonuses in Restricted Stocks
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